Edarat Communications and Information Technology Company (Edarat) announcement of the recommendation of the Board of Directors to the Extraordinary General Assembly of shareholders
| Element List | Explanation |
|---|---|
| Announcement Detail | Edarat Communications and Information Technology Company (Edarat) announces that, in conformance with the new Companies Law and based on the issuance of the amended Corporate Governance Regulations from the Capital Market Authority and its implementing regulations, the Board of Directors issued on 25/02/1445 AH corresponding to 10/09/2023 AD a recommendation to the Extraordinary General Assembly to amend the company’s bylaws in accordance with the laws and regulations.
The most prominent amendments are:
1- Placement of authorized capital at 50,000,000 Saudi riyals. Noting that, the issued capital is 12,600,000 Saudi riyals (paid in full).
2- Cancellation of the statutory reserve clause of the company’s bylaws and transferring the statutory reserve balance to the retained earnings, effective as of the date of the extraordinary general assembly meeting.
3- Amendment of the Audit Committee’s bylaws.
These recommendations are subject to the approval of the extraordinary General Assembly of the shareholders and the concerned authorities. |
Comments